Coronavirus Outbreak: RBI asks lending firms to allow 3-month moratorium on EMI payments
The Reserve Bank of India on Friday asked all lending institutions to allow a three-month moratorium on EMI payments in order to infuse liquidity into the system as the economy grapples with COVID-19 challenges
New Delhi: The Reserve Bank of India on Friday asked all lending institutions to allow a three-month moratorium on EMI payments in order to infuse liquidity into the system as the economy grapples with COVID-19 challenges.
It has also allowed banks for deferment of interest on working capital loans for the next three months - until June 2020.
RBI Governor Shaktikanta Das in a press conference said these are extraordinary circumstances, and unprecedented measures are required to support the sagging economy as all the economic activities have come to a halt.
The liquidity measures announced by the RBI will make available a total Rs 3,74,000 crore to the country's financial system.
Das said that the deferment on loan and interest repayments will not be classified as defaults and will not impact the credit history of borrowers.
Delhi on Monday reported 614 new COVID-19 cases and zero death due to the disease, while the positivity rate stood at 7.06 per cent
Mumbai recorded 1,724 fresh cases, accounting for a bulk of the statewide infections, and two fatalities linked to respiratory illness
The active cases comprise 0.16 per cent of the total infections. The national COVID-19 recovery rate was recorded at 98.63 per cent, the healthy ministry said